Aimeé
The pandemic is bringing up a lot of issues around money to the forefront of people’s minds as unemployment skyrockets, people get evicted, and there seems to be no end in sight.
A big issue connected to many people’s financial life in the U.S. is student loans. Many unsubsidized student loans have compound interest, a concept that isn’t really taught in high school.
Many young people take out loans to go to college, not realizing that they’re going to end up in enormous debt far over and above what they took out.
This has come up online a lot over the years, especially around elections and calls to forgive predatory student loan debt. But a few stories lately have caught even more attention, like on TikTok, or now on Twitter.
A woman named Sara Kelly shared her story of paying as much money as she took out for her education and ending up owing even more.
“I borrowed $38,876 for school from one private lender. Since graduating, I’ve paid that lender $31,501. How much do I still owe them? $47,023.” she wrote.
The tweet attracted a lot of attention and Kelly added some more info to clarify her situation:
So anyway everyone please remember that student loan debt is a structural problem, not a personal problem, and that usury is a sin. And Rock Chalk.
— Sarah Kelly (@thesarahkelly) September 2, 2020
And yes I went to a Title I school where adults were constantly telling us a college education was the only ticket out of poverty.
— Sarah Kelly (@thesarahkelly) September 2, 2020
There are always people who are critical of stories about people with too much debt who come out of the woodwork to say “you should have known better” but most people believe that only a good education from the best college they’re accepted to is the way to improve your life.
Wow! Great job, @RachaelBL . You have successfully identified the system level problem. Thats the very first step. Now we must begin to dismantle these oppressive institutions and this capitalistic BS ideology that it’s fine to get rich off of someone else’s struggles.
— Colten Molnar (@ColtenMolnar) September 2, 2020
That’s what we’ve all been told by people higher up the chain. What a coincidence that this story has made those people even richer, while everyone else struggles under a debt they can never pay down.
Kelly wasn’t alone. Many others shared that similar things happened to them:
It shouldn’t have to be this way.
— Sarah Kelly (@thesarahkelly) September 2, 2020
That is fucked up! Didn’t you go to Harvard? Seems like they could have thrown you some cash from the billion dollar endowment.
— Sarah Kelly (@thesarahkelly) September 2, 2020
I once wrote my alma mater a formal letter asking them for a donation to my own bank account since they had billions of dollars and I didn’t. They instead sent me swag and invited me to a fancy donor event, where I annoyed the uni prez kicked a gourmet cheese under a table. 🤷♂️
— Loren 🌹 (@glenlorenmusic) September 3, 2020
But private loan is what happens when your parent refuses to sign their half of the FAFSAA.
School: what do you mean “won’t”
19yo Me: well he said “they can kiss my ass, I’m not paying”
— Harry (@HarrisonFurred) September 2, 2020
When I paid mine off. Same thing happened. I can no longer log into FedLoan. But I had my own reports, made excel sheets and everything to keep up..
— Angel (@livelifelioness) September 3, 2020
I borrowed $30k from a private lender for one year of school because somehow my incredibly poor family qualified for no federal aid? Anyway with interest i’ll end up paying $81k. For one year of school. What a great system we have here!
— Chelsea H (@_ChelseaH08) September 2, 2020
I did the math last night and on my $50K in student loans, I’ve made payments totalling about $50K over the last 12 years.
I still owe $42K.
— Pj Perez is dominating with compassion (@PjPerez) September 2, 2020
When I went to school, I could work 36 hours / week and save enough to pay tuition. Impossible today. Frankly, when our legislators made it easier to get student loans, schools ratcheted up the costs. Everyone is in on this scam, and students are being crucified.
— Jim Ranchand (@Jcrusi1) September 2, 2020
of course, in years past, higher education was also never intended to be treated as a “thing anyone except the wealthy accessed” and the student loan debt is their vengeance on ordinary people being allowed to know things
— Gyra (porygon support network) (@Gyra_Solune) September 2, 2020
I don’t understand how I owe 36k on a 51k loan that I’ve been paying diligently for 18 years. It’s like owing a debt to the mob pic.twitter.com/VIIDNZX3oR
— Lori (@thelorimartin) September 2, 2020
I borrowed 15000 in 97. I owe 36000 and have been paying on them for 10 years.
— We’re All Gonna Die (@DarnellChristi) September 2, 2020
Total law school loans borrowed (all federal): $180k
Monthly payments since graduating in 2011: $900/month
Current balance: $260k
The federal student loan system is a (cruel) joke
— Joanna (@joanimalfarm) September 2, 2020
I don’t even let myself look. pic.twitter.com/n6NdEUHe4Y
— Public Defendering (@fodderyfodder) September 2, 2020
Sick joke
— Troy 🏌🏿♂️ (@Troy1of1) September 3, 2020
Never has there been a better time to take a gap year, explore learning a trade, and really consider what you can expect to get out of college.
